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Nov 14, 2012
11/12
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when we bought it just superior business model in a tough environment. if things get better, great, employment improves, we're going to have more hook-ups, housing improves, more connections, great growth story. if things don't get better, we're trying to protect for the downside and keep that optionalty if the economy improves. comcast could be a monster return on capital going forward. and that's been a big core holding for quite a while, as well. >> no kidding, you've done well -- you bought it down in the low 20s? >> i don't know the actual cost price in front of me. i can tell you it's been one of our big holdings for a couple of years. home depot and lowe's we bought at the end of '11. we had a thesis that housing was bottoming. and now the housing improvement is accelerating and that's a big deal for the u.s. economy when you think about the spillover effect in construction jobs, you know, furniture, auto, cement, everything that comes with household formation in new home purchases. >> well, we want to thank you for joining us today. >> my pleasur
when we bought it just superior business model in a tough environment. if things get better, great, employment improves, we're going to have more hook-ups, housing improves, more connections, great growth story. if things don't get better, we're trying to protect for the downside and keep that optionalty if the economy improves. comcast could be a monster return on capital going forward. and that's been a big core holding for quite a while, as well. >> no kidding, you've done well -- you...
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Nov 21, 2012
11/12
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and they'd like to know what kind of environment they're operating in. so these are important issues for them. and they do affect them. they affect them personally, their families and the families of the people that work for them. >> joining us now to rise above and talk small business, the chief economist at the national federation of independent businesses, and good morning to you. >> good morning and happy thanksgiving to everybody. >> happy thanksgiving. your sense on the fiscal cliff impacting small business right now. we saw an article earlier this week talking about big corporations slowing down purchases, but we still haven't -- it's not clear it's impacted the consumer and i want to get a sense from you of how it's really impacting smaller businesses. >> well, of course, consumer spending wasn't very strong in the third quarter. in particular, the services sector grew only .8%. and that's a big small business sector, and that's 70% of the 71% of gdp that's consumption. so that's very important. we haven't really seen much of a pick up in spendin
and they'd like to know what kind of environment they're operating in. so these are important issues for them. and they do affect them. they affect them personally, their families and the families of the people that work for them. >> joining us now to rise above and talk small business, the chief economist at the national federation of independent businesses, and good morning to you. >> good morning and happy thanksgiving to everybody. >> happy thanksgiving. your sense on the...
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Nov 7, 2012
11/12
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it's sort of a maverick political environment up there. so look, the united states senate stays with the democrats. they have a little bit more strength now than they had before. house is with the republicans. the white house stays the same. so now the deal making for the fiscal cliff begins. we know where all the musical chairs are. paul ryan, not the vice president. he won his house race last night. he'll go back to the house of representatives and he'll be a leading figure at the table, making this deal on the fiscal cliff. now they have to get down to brass tax. >> the comments that i heard from john boehner yesterday morning, which i don't know if they were yesterday morning or if they had come out the night before, still stand -- party lines, sticking by things and not bending on anything. when we talked to eric cantor yesterday, the leader in the house, when we talked to eric cantor, he sounded like he was maybe at a point where they would negotiate a little bit more. >> a lot of people looked at that boehner comment as i draing a l
it's sort of a maverick political environment up there. so look, the united states senate stays with the democrats. they have a little bit more strength now than they had before. house is with the republicans. the white house stays the same. so now the deal making for the fiscal cliff begins. we know where all the musical chairs are. paul ryan, not the vice president. he won his house race last night. he'll go back to the house of representatives and he'll be a leading figure at the table,...
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Dec 4, 2012
12/12
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and living environment. but on top of that, the great academic institutions we have. in 2010 over $2.5 billion expended in research for life science and biomedicine. over $1.2 billion in venture capital over the last few years. and we have made very significant investments in infrastructure particularly in novel new manufacturing for biomedical products, for advanced forms of testing that really attracts companies to texas. but that's on top of what is an absolute necessity and that is the business climate that the government and the leadership have generated. >> doctor, some of it is federal, right? some hhs stuff? how much is federal and how much is state in the partnership? >> well, we have very broad programs. i think what you were referring to is the state of texas led by a team by texas a&m university system was recently awarded a $285 million federal contract. >> yes. >> to have a center for advanced development and innovation. that's going to be located in texas. so, there is a significant financial
and living environment. but on top of that, the great academic institutions we have. in 2010 over $2.5 billion expended in research for life science and biomedicine. over $1.2 billion in venture capital over the last few years. and we have made very significant investments in infrastructure particularly in novel new manufacturing for biomedical products, for advanced forms of testing that really attracts companies to texas. but that's on top of what is an absolute necessity and that is the...
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Jun 22, 2012
06/12
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a low interest environment is slightly helpful. right now, at least, it's hard to see growth in the. i line and that's where it will always show first, retail sales, consumer demand and then oil prices. oil prices are a great way to gauge dehand. no way about it. >> michael thank you for joining us and have a great weekend. >> thank you. >> coming up you know what day it is. it is friday! friday. ♪ friday. you know, we're not going to do it. friday. look at that. i say it and i want comes out there. here's another one. it's so hot, sorkin's helicopter is overheating. no. i'm not going read them. when we return we'll head to a visitor from pimco and check in also on the consumer with the ceo of garden restaurant, a table for three when box returns. optionsxpress, where you can trade your favorite products, all in one account. keep watch on the markets. or use our exclusive tools to help find ideas. it's powerful, easy-to-use technology for trading stocks, options, and futures. keep trading whether you're at home
a low interest environment is slightly helpful. right now, at least, it's hard to see growth in the. i line and that's where it will always show first, retail sales, consumer demand and then oil prices. oil prices are a great way to gauge dehand. no way about it. >> michael thank you for joining us and have a great weekend. >> thank you. >> coming up you know what day it is. it is friday! friday. ♪ friday. you know, we're not going to do it. friday. look at that. i say it...
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Nov 9, 2012
11/12
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so we remain cautious, but we do think we'll get through this and i think 2013 will be a better environment for equity. but right now earnings estimates in our opinion are way too high and have to come down. >> so both you guys don't think that we're going to before january 1st get a deal where the bush tax cuts are extended just for those at 12250 or below? >> no. to have any kind of deal with the republicans, obama has to compromise to some degree. >> that's why i want to rise above this and just skip talking about it, but he'll come out today at 1:00 and we'll hear folks at the top will have to pay more. we're going to hear that again. plouffe is quote thed as saying that. can we just cut the bs? they're not going to do it. >> that you will krugman this morning, how far should the president go? my answer is not far at all. obama should hang tough declaring himself willing to hold ground even at the cost of letting his opponents and foot down on a still shaky economy and this is definitely no time to negotiate a grand bargain on the budget that snatches defeat from the jaws of victory p.
so we remain cautious, but we do think we'll get through this and i think 2013 will be a better environment for equity. but right now earnings estimates in our opinion are way too high and have to come down. >> so both you guys don't think that we're going to before january 1st get a deal where the bush tax cuts are extended just for those at 12250 or below? >> no. to have any kind of deal with the republicans, obama has to compromise to some degree. >> that's why i want to...
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Feb 24, 2012
02/12
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. >> it's a very tranquil environment, and you feel great just walking outside. >> but that's why there's no work going on. >> no work. we do get in at 4:00 or 5:00 in the morning. >> richard fisher was on yesterday. were you up early enough to see that? >> i saw that. >> and you saw bullard on today. and also did you see us on tuesday? >> i didn't get to see it. >> he talked about decelerating coincident indicators like it really makes sense to think that we could be heading back into a slowdown. but then bullard kind of -- >> the current indicators do not point in that direction as bullard suggested. look at jobless claims, the most reliable economic indicators you can find and the unemployment rate is the most understandable economic indicator that there is at least for main street. most of the indicators are better. car sales of late have picked up to 14 million annualized pace. the workweek in january is the longest since 1945, 1945 and 50,000 jobs were created. but i would say the most important indicator right now is jobless claims in terms of the current situation. the second half
. >> it's a very tranquil environment, and you feel great just walking outside. >> but that's why there's no work going on. >> no work. we do get in at 4:00 or 5:00 in the morning. >> richard fisher was on yesterday. were you up early enough to see that? >> i saw that. >> and you saw bullard on today. and also did you see us on tuesday? >> i didn't get to see it. >> he talked about decelerating coincident indicators like it really makes sense to...
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Oct 25, 2012
10/12
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i believe right now in this environment, you'll see people buying homes. i don't think the deduction is the driver to homeownership. >> but you don't think it would have any impact if we got rid of the mortgage --. >> that would have some factor, of course. my macro is you look at rates, home prices are, where consumer debt is, you know, $1 trillion has come out of mortgage debt. if they got rid of it in a simpson/bowles type of plan? >> we'll be as bullish -- >> the american dream, homeownership, can still be attained even if we were to eliminate the mortgage deduction? >> i believe that's correct. >> i couldn't believe there wouldn't be a massive pushback from the industry -- >> i'm answering the question asked not whether there would be a massive pushback. >> your opinion on whether or not it would directly impact the prepare of homes. i'm on the board of kb homes, the home builder, clearly we like the mortgage deduction. the point i'm saying is at some point there has to be some trade-offs. choices have to be made. the mortgage deduction is a big one s
i believe right now in this environment, you'll see people buying homes. i don't think the deduction is the driver to homeownership. >> but you don't think it would have any impact if we got rid of the mortgage --. >> that would have some factor, of course. my macro is you look at rates, home prices are, where consumer debt is, you know, $1 trillion has come out of mortgage debt. if they got rid of it in a simpson/bowles type of plan? >> we'll be as bullish -- >> the...
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Aug 16, 2012
08/12
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it may be completely incompetent, and reckless, but don't forget, that in this environment, where everybody wants to see wall street ceos go to jail, everybody punished. >> doesn't everyone want to see everyone go to jail? >> there's tremendous animosity. this is a career moment for a prosecutor. if they can make that case, if they can find crime, they will prosecute it, and i actually think that the real reason that you're not seeing corzine prosecuted, they said i hate to say it, but we don't see any crime and by the way we should all be totally grateful for that, because that means our prosecutors have integrity, they are enforcing the law, they're not abusing their power and throwing people in jail, just because it would be politically popular, which it would be. >> talking about abuse of power, front page of the "wall street journal," let's get another one up here, bank deal rankles regulators. you saw what happened with standard charter, do you have views on that? >> i think we have a problem with the regulatory system in that we had so many different units that can all look at corpor
it may be completely incompetent, and reckless, but don't forget, that in this environment, where everybody wants to see wall street ceos go to jail, everybody punished. >> doesn't everyone want to see everyone go to jail? >> there's tremendous animosity. this is a career moment for a prosecutor. if they can make that case, if they can find crime, they will prosecute it, and i actually think that the real reason that you're not seeing corzine prosecuted, they said i hate to say it,...
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Mar 8, 2012
03/12
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it talks about now small is beautiful, this is the best we can hope for in this politically charged environment. but then "the journal" as you can imagine does take a shot at the end that there's literally dozens of bills in the senate that house republicans have passed that would do a lot of these similar things, but they are all stonewalled because they don't include tax increases. is that part of the problem, too? either -- i'd like an answer from either maxine or scott. >> i'll just chime in here first. i think that is part of the problem that goes back to the -- your first question on this. and you saw this actually in the -- in the supercommittee, right? the supercommittee tried to address these issues and republicans on that committee actually said, went beyond anybody's anticipation on this and said, okay, the republicans in the supercommittee at least, were willing to concede on the issue of taxes to the tune of $250 billion to $260 billion, >> i'll chime in first. i think that is part of the problem. it goes back to your first question on this. and you actually in the super committee.
it talks about now small is beautiful, this is the best we can hope for in this politically charged environment. but then "the journal" as you can imagine does take a shot at the end that there's literally dozens of bills in the senate that house republicans have passed that would do a lot of these similar things, but they are all stonewalled because they don't include tax increases. is that part of the problem, too? either -- i'd like an answer from either maxine or scott. >>...
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Dec 17, 2012
12/12
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the concerns is having to reinvest in a broad environment of sluggish revenue in order to stay profitable going forward. aggreko, this is a power generator supplier here in the uk, down 15% after it was talking about the outlook for 2013. more muted than what certainly people had been expecting. and holcim, the world's biggest cementmaker, it's reinvesting, taking write-downs and charges in its fourth quarter in order to cut operations in most of the of its european operations down 1.3%. certainly not as much as adegreeso, but kind of a da room ter. i want to turn now to forex, show you what's happening with the euro first. over here, as you can see, we're down about .3%. that's consistent with what we're seeing across bourses. bond not all that interesting today. a bit of a mixed bag. and i'll end here, guys, on, of course, the dollar/yen. japan did have when aer being called transformative actions weekend. it still remains toes be seen whether shinzo abe is going to be the next prime minister. can it help spur the company back towards growth? remember, with currencies, it's all relative
the concerns is having to reinvest in a broad environment of sluggish revenue in order to stay profitable going forward. aggreko, this is a power generator supplier here in the uk, down 15% after it was talking about the outlook for 2013. more muted than what certainly people had been expecting. and holcim, the world's biggest cementmaker, it's reinvesting, taking write-downs and charges in its fourth quarter in order to cut operations in most of the of its european operations down 1.3%....
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Nov 28, 2012
11/12
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better plan there and getting that business to a level of sustainability given the very competitive environment. and in asia-pacific, it's all about all the seeds we've planted in terms of investments and plants and products, those are going to bear a lot of fruit in terms of volumes and revenues as we grow that business going forward. >> we've done probably five of six interviews, not just the auto market, but the economy as a whole, and seems like the same question over and over, are you seeing stability? and any time i talk with you or other auto executives, yes, we think we're seeing stabilization. do you have confidence that europe has stabilized? >> i can't give you 100% pure confidence. we're seeing some encouraging signals even in the last couple of days in terms of some of the sovereign debt issues they're trying to resolve. but our approach there is -- as you know, we've announced a transformation plan there, it's about investing in products. but at the same time, work on the cost side and that's why we've made announcements around some equipment changes. >> real quick, here in the u.
better plan there and getting that business to a level of sustainability given the very competitive environment. and in asia-pacific, it's all about all the seeds we've planted in terms of investments and plants and products, those are going to bear a lot of fruit in terms of volumes and revenues as we grow that business going forward. >> we've done probably five of six interviews, not just the auto market, but the economy as a whole, and seems like the same question over and over, are...
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Oct 24, 2012
10/12
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i think europe is the more difficult operating environment. >> you're actually able to raise your outlook for revenue. why? >> it's real simple. we have an analytics -- almost three years ago, we sent the company to go on a new strategy to go after the cloud, mobile, and data base that was in memory, so it would be truly a realtime data base in something we invented. these emerging businesses are all growing in triple digits, when you combine that with core, you have a real double digit growth story all across the world. today we reiterated our guidance at the upper end, and we look at our pipelines globally, and the company is in really good shape. i must say, though, there is a structural change in i.t. as well, because a lot of the companies in i.t. that haven't done as well are very hardware centric. that's changing the process, that's driving the outcomes. >> bill, is the organic revenue growth positive? i mean, without ariba, what would it be? it's ten to 12 with the acquisition? >> 98% of our revenue right now is organic. ariba, we just finished the acquisition and we will get .5 p
i think europe is the more difficult operating environment. >> you're actually able to raise your outlook for revenue. why? >> it's real simple. we have an analytics -- almost three years ago, we sent the company to go on a new strategy to go after the cloud, mobile, and data base that was in memory, so it would be truly a realtime data base in something we invented. these emerging businesses are all growing in triple digits, when you combine that with core, you have a real double...
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Mar 1, 2012
03/12
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independent voters who will control the outcome of the election they want good jobs, they want a stable environment, want a government that's responsive and want somebody who is going to lead. when we go toe to toe with governor romney and president obama i think we win. >> governor, you know the media, they love a good story, and the latest narrative is that you're governing and in the back of your mind thinking do i need to stay in a certain ideological position, so that i can be a good vice presidential candidate? have you any bills anything based on prospective chances for being the running mate of the nominee? >> you know, i got the job held by thomas jefferson and patrick kennedy, there's no better job than that. i'm not auditions or campaigning for anything. i do want to win more republican governors race this is year and want to see a new president because i'm concerned about the left-ward lurch this president is taking us. i've been doing this 21 years, try to do the right thing for a conservative cause, i'm a fiscal and social conservative. i'm not making excuses like the president. that'
independent voters who will control the outcome of the election they want good jobs, they want a stable environment, want a government that's responsive and want somebody who is going to lead. when we go toe to toe with governor romney and president obama i think we win. >> governor, you know the media, they love a good story, and the latest narrative is that you're governing and in the back of your mind thinking do i need to stay in a certain ideological position, so that i can be a good...
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Apr 20, 2012
04/12
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and that's why the underlying environment is challenging for the president. we've got a 33% right track is better than it had been a few months ago, but not good. >> we got a couple conventions to go through. this is where the veep can kill you, doesn't usually help you, but that will be interesting. you saw that piece yesterday, pick a boring white guy, don't go crazy with -- you you don't need to pick a woman or hispanic, you don't need to think about winning a different state. his guys were portman, mcdonnell, and he had two other. mitch daniels and one other guy. so that it looks like a couple of romneys there. >> i think that is precisely the -- those are the stars on the short list. we've talked about this before. i've been projecting rob portman, but probably daniels would be preferable to mcdonnell. >> it's going to be a billion versus a billion most likely. >> is everything okay with the lighting down there? as i looked at becky, it looked weird. >> we're rolling at 35. we got to go. >> quarterly results coming up from general electric. >>> if your b
and that's why the underlying environment is challenging for the president. we've got a 33% right track is better than it had been a few months ago, but not good. >> we got a couple conventions to go through. this is where the veep can kill you, doesn't usually help you, but that will be interesting. you saw that piece yesterday, pick a boring white guy, don't go crazy with -- you you don't need to pick a woman or hispanic, you don't need to think about winning a different state. his guys...
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Oct 15, 2012
10/12
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. >> and we heard from jpmorgan last week about what an uncertain environment it is, same sort of comments we're hearing from vicrum bandit, we're managing risk carefully so we can continue to grow our businesses safely and soundly. you heard it with wells fargo and more of the big banks last week including bank of america. >> we'll talk to a banking analyst in a couple of minutes about the details, expenses and things that helped income, whether it was equity or bonds or trading or whatever. equity futures at this hour probably up 40 points or so, and this isn't going to hurt. we had jpmorgan which helped sentiment last week, wells fargo didn't help as much but citigroup, i don't think of them as beating every quarter, but in this indicates, top and bottom line are better. softbank's billionaire founder and sprint ceo dan hessa announcing a deal in tokyo. the mobile operator will buy up 0% of the third largest u.s. carrier for about $20.1 billion. softbank will get access to a u.s. market that's still growing, as you know japan's market is stagnating like so many things over in japan, for
. >> and we heard from jpmorgan last week about what an uncertain environment it is, same sort of comments we're hearing from vicrum bandit, we're managing risk carefully so we can continue to grow our businesses safely and soundly. you heard it with wells fargo and more of the big banks last week including bank of america. >> we'll talk to a banking analyst in a couple of minutes about the details, expenses and things that helped income, whether it was equity or bonds or trading or...
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Dec 19, 2012
12/12
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to get the market down, you need a recessionary environment. it does not look recessionary at the moment. if we can't get the right leadership out of washington, we go over the cliff, no fix, we could wind up with a recession. >> that's the one thing that could screw this up? >> i don't think it's logical. it would be a bad signal to the world we can't govern ourselves. in a couple months the debt ceiling comes into play and if you can't resolve the cliff problems, the debt problems linger. why put the economy through the winger and scare them and then fix it. >> you would also like to see serious changes take place. if this just gets kicked down the road- >> as i said before, i thi think -- i think roughly 70% of tax revenues to the government are coming from wealthy people. let's sit down, republicans and democrats and have an intelligent conversation, what should the maximum marginal tax rate be. mr. buffet, i have enormous respect for warn. he said if you make over a million or 35 or 40%, i can live with that. take that marginal tax rate an
to get the market down, you need a recessionary environment. it does not look recessionary at the moment. if we can't get the right leadership out of washington, we go over the cliff, no fix, we could wind up with a recession. >> that's the one thing that could screw this up? >> i don't think it's logical. it would be a bad signal to the world we can't govern ourselves. in a couple months the debt ceiling comes into play and if you can't resolve the cliff problems, the debt problems...
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520
Feb 17, 2012
02/12
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we're in this low interest rate environment. this is fairly typical and rem reminiscent what we saw in 2010 but good buy side activity. a lot of demand present. traders are looking for that cpi number coming out at 7:30 central time. hour and 15 minutes from now. right now with stock indis, future products trading up at 13556 level and s&ps were holding right there this is accepting the value at these levels. >> great. all right. that's pretty definitive. i catch your drift. appreciate it. have a good weekend. >>> all right. right now we've been talking about some of those issues and some of the things we've been watching with tax. steve liesman is here and he has more on what he just teased. >> one of the bright spots of the u.s. economy has been the surge in dividends. let's take a look at what's happened. it's been pretty unprecedent. come over here. this is the big number. almost 20% plus year-over-year increase in dividend from the s&p 500. now take a step back and the chart looks random until we overlay recessions on it. t
we're in this low interest rate environment. this is fairly typical and rem reminiscent what we saw in 2010 but good buy side activity. a lot of demand present. traders are looking for that cpi number coming out at 7:30 central time. hour and 15 minutes from now. right now with stock indis, future products trading up at 13556 level and s&ps were holding right there this is accepting the value at these levels. >> great. all right. that's pretty definitive. i catch your drift....
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Feb 29, 2012
02/12
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the liquidity environment is what pushed us over the cliff. and in retrospect, i don't think there's a lot that any one player could have done about that. >> it's both the event itself and the aftermath are, are almost black swans, they're so rare. because i was reminded, i used to work at lehman brothers as retail broker. and every sing the person that we would cold call, we would send out a book called the merchant bankers. and we would say, are you familiar with lehman brothers? the oldest investment bank in the country and we'd send out this book that showed when it was founded with the rothschild's. it's gone. it's so weird that something that was founded in 1850 or whatever, lehman brothers, that was such a major break in 2008. such a huge -- which i think must give you a little bit of solace, maybe there isn't -- anything that you did to cause it. >> a little bit. >> it would have been very hard to prevent it. >> it was our job to keep it from happening. we didn't do that. when you say i could have done this, i could have done that. the
the liquidity environment is what pushed us over the cliff. and in retrospect, i don't think there's a lot that any one player could have done about that. >> it's both the event itself and the aftermath are, are almost black swans, they're so rare. because i was reminded, i used to work at lehman brothers as retail broker. and every sing the person that we would cold call, we would send out a book called the merchant bankers. and we would say, are you familiar with lehman brothers? the...
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Apr 12, 2012
04/12
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. >>> an oversupplied environment coupled with lower demand due to mild temperatures, goldman's forecast is now $2.40, averaging $4 next year, so makes the santelli -- still good. >> yeah, it assumes we don't have the same winter. >> with oil at $100, where should natural gas be? >> they've all obroken down, bu three or four times. check on the broader markets. futures indicated up another 23 points. got 90 points back out of that five day loss yesterday. that's about 0.2% is what we're looking for. the ten year has been -- this has really been interesting to watch that because everyone who says that it's orchestrated by the fed to be down that low, santelli's been making the point that the global growth picture and just how tenuous the financial system still is, that it will stay here, it will be down here and it will stay here. because we're not -- and that's what worries me because japan would have love for rates to go up and they can't get -- every time it goes up, comes right back down. as a result everybody is a saver and no one spends any money, no one gets married and you didn't
. >>> an oversupplied environment coupled with lower demand due to mild temperatures, goldman's forecast is now $2.40, averaging $4 next year, so makes the santelli -- still good. >> yeah, it assumes we don't have the same winter. >> with oil at $100, where should natural gas be? >> they've all obroken down, bu three or four times. check on the broader markets. futures indicated up another 23 points. got 90 points back out of that five day loss yesterday. that's about...
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Nov 20, 2012
11/12
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they'd like to know what environment they're operating in. they effect them personally and the families of the people that work for them. >> can you get a franchise alone? is it easier than it was a year ago? >> yeah, credit market has loosened up a bit for our franchisees and we're fortunate our model in the investment on the investment side that we don't have to be highly leveraged and our franchisees don't have to be highly leveraged going in. they're able to pay investment out of cash but whenner this borrow money they're getting sba loans out there, smaller banks but it is tougher and it affects their growth. that's for sure. >> the smell is killing me here, i mean in a good way. it's 5:00 somewhere or noon somewhere. bob wright, thank you. we appreciate your time this morning and keep it short. >> are you going for the sub? which way? >> i don't know. >> i could eat it but i know he's an ohio state fan. go blue this weekend. i'm going to holdoff. >>> when we come back we'll talk about betting on a deal to avoid the fiscal cliff. caesar'
they'd like to know what environment they're operating in. they effect them personally and the families of the people that work for them. >> can you get a franchise alone? is it easier than it was a year ago? >> yeah, credit market has loosened up a bit for our franchisees and we're fortunate our model in the investment on the investment side that we don't have to be highly leveraged and our franchisees don't have to be highly leveraged going in. they're able to pay investment out...
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Aug 23, 2012
08/12
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i don't think that that makes that much sense in this environment. so i do think that there's more potential there. people have talked about, well, what are the implications for money market funds? i don't think that -- i don't think that a small move in rates like that is going to be the deciding factor for that. also, i wouldn't hold monetary policy hostage to reforms that need to occur in the money market sector. those reforms that need to occur. but we're going to do what we need to do for monetary policy anyway. >> just so we can hold your feet to the fire when you come back next august, what's the economic growth and the unemployment rate. >> the best way to look at this is, we've got a lot of risks out there but the economy will be stronger next year. it is stronger this year than it was last year. if you look at employment growth, based on year-on-year total employment growth, july 2010, about 0, july 2011, about 1.1%. july 201, 1.4%. things do get better, headwinds do abate. i think we'll be in a better situation next year at this time. >>>
i don't think that that makes that much sense in this environment. so i do think that there's more potential there. people have talked about, well, what are the implications for money market funds? i don't think that -- i don't think that a small move in rates like that is going to be the deciding factor for that. also, i wouldn't hold monetary policy hostage to reforms that need to occur in the money market sector. those reforms that need to occur. but we're going to do what we need to do for...
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Sep 20, 2012
09/12
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ceo said it's an increasingly difficult environment in europe, competitive pressures in china are increasing significantly and it's planning restructuring to boost sales and earnings. you can see again the impact here. daimler shares now down about 2.8% in frankfurt trade. let's put it in context because it is a morning where we're seeing pressure across the market. here the xetra dax down and a half a percent. daimler one of the companies weighing on that. but certainly sentiment across the board. we got a bufshnch of activity figures. france came in weak than expected. ibex 35 down 1%. even though spain able to raise money in an auction and we can show you what's happening in the bond space. not doing much really to turn around sentiment because of course we saw spain issue three and ten year debt. people showed up for it. the borrowing costs were lower than last time around. but still perhaps too high. take a quick look, though, at the context here. u.s. german bunds getting a bid this morning. seeing a selloff in spain and italy. so investors are rotating kind of out of risk. the yield f
ceo said it's an increasingly difficult environment in europe, competitive pressures in china are increasing significantly and it's planning restructuring to boost sales and earnings. you can see again the impact here. daimler shares now down about 2.8% in frankfurt trade. let's put it in context because it is a morning where we're seeing pressure across the market. here the xetra dax down and a half a percent. daimler one of the companies weighing on that. but certainly sentiment across the...
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May 21, 2012
05/12
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in this environment we've been talking a lot about the way the economy has been going. you selling a lot of product? >> yes, we are. in fact, paul mitchell salon hair care well patron have grown quite nicely in these last three years and we're highing people also. >> and there's a reason. >> what's the reason? >> the reason is we never lost sight of the quality of our product and maintaining that real high level of quality. and even in tough time when people treat themselves to the high quality and they know that quality will be there, they continue on. it like getting bang for your buck. in difficult times people are used to treating them sefs in special areas, whether it's a spirit or a proper hair care so you really look good and you really feel good. we also feels salons are a barometer. when the industry went back a few years back, salons did not lose their business. they had peoplecoming every four, five or six weeks. but as the industry got better, they came back more often. >> you are a serial entrepreneur and we often talk politics on the set, what politics is
in this environment we've been talking a lot about the way the economy has been going. you selling a lot of product? >> yes, we are. in fact, paul mitchell salon hair care well patron have grown quite nicely in these last three years and we're highing people also. >> and there's a reason. >> what's the reason? >> the reason is we never lost sight of the quality of our product and maintaining that real high level of quality. and even in tough time when people treat...
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Mar 1, 2012
03/12
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[customer:] we need to protect the environment. [worker:] we could do both. is that possible? [announcer:] at conocophillips, we're helping power america's economy with cleaner, affordable natural gas. more jobs. less emissions. a good answer for everyone. well, if it's cleaner and affordable. as long as we keep these safe. there you go. thanks. [announcer:] conocophillips. americans believe they should be in charge of their own future. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ >>> welcome back, everybody. those u.s. equity futures are improving as we go through the morning. right now the dow futures up by 30 points. this is a turnaround from early this morning when they were indicated lower. and it comes after a day yesterday when the markets did close do
[customer:] we need to protect the environment. [worker:] we could do both. is that possible? [announcer:] at conocophillips, we're helping power america's economy with cleaner, affordable natural gas. more jobs. less emissions. a good answer for everyone. well, if it's cleaner and affordable. as long as we keep these safe. there you go. thanks. [announcer:] conocophillips. americans believe they should be in charge of their own future. how they'll live tomorrow. for more than 116 years,...
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Jun 21, 2012
06/12
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i actually view the environment in washington as being a good one right now. i know that sounds totally contrary. when in our lifetimes can you think of the most important issue in the election campaign being the budget and the economy? i mean, that's really boring stuff. that's the kind of stuff that only guys like me get excited about. now that's really important for the economy. it's the most important issue right now. >> your leg doesn't actually tingle. just as excited as i've seen you when you've been on the show. thank you for joining us. >> my pleasure. thanks for having me. >> i appreciate you being on the set. >> it's been fun. >> maybe i'll bring the dog -- >> bring the dog tomorrow. bring your dog to workday
i actually view the environment in washington as being a good one right now. i know that sounds totally contrary. when in our lifetimes can you think of the most important issue in the election campaign being the budget and the economy? i mean, that's really boring stuff. that's the kind of stuff that only guys like me get excited about. now that's really important for the economy. it's the most important issue right now. >> your leg doesn't actually tingle. just as excited as i've seen...
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May 10, 2012
05/12
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outlook raises red flags about the global technology spending environment and the company's ability to weather persistent economic weakness and john chambers was on cnbc late yesterday. >> businesses don't react well when it's an uncertain environment either from the economy or from government policy. if they understand what the issue yous are, then we'll make the decisions about whether we grow our business, where we invest in resources, how much we give in dividends, how much in acquisitions, et cetera. so that's part of the uncertainty that really bothers my customers the most. >> when he says it, he means it. >> given us policies. >> it's been tough and this is a west coast guy. this is one of your guys. he can west coast guy that should not be talking about uncertainty. >> were you is you are priced to see the reaction on the stock market? we don't know what's happening, we can't forecast it, and then the stock down as much as 9%. >> if you know that the number is unlikely to be good, therefore, you -- i agree, there probably is -- >> customers aren't ordering because of uncertain
outlook raises red flags about the global technology spending environment and the company's ability to weather persistent economic weakness and john chambers was on cnbc late yesterday. >> businesses don't react well when it's an uncertain environment either from the economy or from government policy. if they understand what the issue yous are, then we'll make the decisions about whether we grow our business, where we invest in resources, how much we give in dividends, how much in...
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Nov 8, 2012
11/12
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the regulatory environment much as it is today, banks were the worst performer in the bull market of the '50s. it's not about earnings. you won't get earnings. you will not be able to get an r.o.e. to a level that makes sense. that's a big issue. the capital spending softening that we've seen all fall is also a big consideration, and you see that showing up in enterprise tech, and so i would be very reluctant to delve back into those areas. what has worked is stocks with bond-like characteristics, the idea the fed keeps pushing money into fixed income assets, making risk free assets more and more expensive. >> talking utilities? >> yes. >> but the utilities will get hit with the dividend tax rate. >> right, and i wrote in a note yesterday in the near term there's going to be nowhere to hide. you probably do want to buy those stocks with bond-like characteristics if they do significantly underperform because no doubt the fed will replace operation twist with another call it qe4 and that will continue to work, but right now for me there's no where to hide. >> i can't say i disagree. on
the regulatory environment much as it is today, banks were the worst performer in the bull market of the '50s. it's not about earnings. you won't get earnings. you will not be able to get an r.o.e. to a level that makes sense. that's a big issue. the capital spending softening that we've seen all fall is also a big consideration, and you see that showing up in enterprise tech, and so i would be very reluctant to delve back into those areas. what has worked is stocks with bond-like...
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Nov 19, 2012
11/12
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technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint and respecting wildlife. america's natural gas... domestic, abundant, clean energy to power our lives... that's smarter power today. >>> hard rock international is teaming up with yoko ono. and why hunger for the imagine there's no hunger campaign. horn $4.5 would million has been raised during the past five years and the president and ce off of the hard rock cafe has been very involved in this. tell us a little bit it. >> thanks for having me. this is a ram we've beprogram w running for many years. there are a billion people beneath poverty and hunger level in the world. and the program really is a program that enjoins why hunger, yoko ono and ourselves and we encourage our staff and our customers to basically provide funding around this holiday season so t
technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint and respecting wildlife. america's natural gas... domestic, abundant, clean energy to power our lives... that's smarter power today. >>> hard rock...
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Feb 9, 2012
02/12
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>> well because we're in a low interest rate environment right now. basically that's what the fed wants is for us to create this wealth effect right now and it has been for the past few years, that's clearly stated in the last fed announcement we had a couple of weeks ago. basically since the state of the union address this market has been straight up, 1,300 in the s&ps and hasn't looked back. slow grind higher, light volume type atmosphere. anybody who has gotten in the way of this has had it handed to them for the most part. this market hasn't looked back so not a lot of energy or volume for the most part. i don't want to be fading at this point. this is only one of the major markets that's really been doing anything in terms of breaching any major levels of resistance or support. as i mentioned the other three major markets i look at the gold, the crude and the yen, even the euro currency a fourth market, just sideways, noise. >> byron you're negative the u.s. dollar as well. and bullish on gold. >> i'm bullish on the s&p. >> it's 800 for the s&p t
>> well because we're in a low interest rate environment right now. basically that's what the fed wants is for us to create this wealth effect right now and it has been for the past few years, that's clearly stated in the last fed announcement we had a couple of weeks ago. basically since the state of the union address this market has been straight up, 1,300 in the s&ps and hasn't looked back. slow grind higher, light volume type atmosphere. anybody who has gotten in the way of this...
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Feb 16, 2012
02/12
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how is that on the environment? that is ridiculous. >> i'll have to look up the carbon footprint. >> we're going to go -- >> it stirs it all up and makes it worse, puts it up into the atmosphere. >> back to europe and talk about what could be the other domino in the eurozone crisis. portugal's economy minister says his country is not greece this this morning. tough economic reforms in support of the population. he's promising that portugal will not turn its back on the single currency. we tucked about the issue of europe and contagion fears from hank paulson yesterday. take a listen. >> the structural issues around the eu a very difficult issues. difficult analytically. you can put experts in the room and it isn't that obvious what the ultimate solution is. they're different politically and then you have the issues around the fiscal problems of several of the member states. you know that is going to take a good while to griped on. >> silvia wadhwa is in lisbon this morning talking to portuguese officials. she will j
how is that on the environment? that is ridiculous. >> i'll have to look up the carbon footprint. >> we're going to go -- >> it stirs it all up and makes it worse, puts it up into the atmosphere. >> back to europe and talk about what could be the other domino in the eurozone crisis. portugal's economy minister says his country is not greece this this morning. tough economic reforms in support of the population. he's promising that portugal will not turn its back on the...
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Mar 15, 2012
03/12
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that's a pretty tough environment. on the one hand it's good to say i'm a little different than some people, joe. i think doing the stress test between the banks and regulators gives the regulators insight in terms of what they need to do is good. i'm not a big proponent of all this publicity. i think it alerts people, makes people more worried. i hadn't heard a sing is l soul say anything about worrying about health of the banks. they're hardly even worried about health of the great banks. going out and fanning the fires one more time about difficulties in the banking industry in my mind is not a healthy thing. >> we always think transparent si is good. you think you can harp on it too much? >> the fed put out the names the first time, didn't the second time. i think the issue is how much capital gets raised by the market decides whether or not this is a good thing. if jpmorgan stock goes up after they publish the numbers, they'll think it's good. >> we're always putting up all this information is always public. >> bu
that's a pretty tough environment. on the one hand it's good to say i'm a little different than some people, joe. i think doing the stress test between the banks and regulators gives the regulators insight in terms of what they need to do is good. i'm not a big proponent of all this publicity. i think it alerts people, makes people more worried. i hadn't heard a sing is l soul say anything about worrying about health of the banks. they're hardly even worried about health of the great banks....
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May 11, 2012
05/12
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. >> in hindsight, bad strategy, bad execution, obviously the environment. these are mark to market positions. i don't want to make excuses and start talking about market and dislocation stuff because that's just an excuse. >> dimon has been a vocal critic of the volcker rule. we spoke to him in davos and he said you you need a psychiatrist to figure out what the sbents of the sbents of the trades are. here's what he said last night. >> we do believe you need on have the ability to hedge and that volcker allows that. this trading violates the dimon principle. >> and jamie dimon conceded that those losses were linked to a "wall street journal" report last month about a trader that had been nicknamed the london whale. the trader amassed an outsized position which hedge funds bet against. last month dimon called the coverage a complete tempest in a teapot. as for whether jpmorgan -- this becomes a broader issue for other banks, here's what jamie had to say. >> would this be a jpmorgan specific issue or is there a chance that others also have some losses on simi
. >> in hindsight, bad strategy, bad execution, obviously the environment. these are mark to market positions. i don't want to make excuses and start talking about market and dislocation stuff because that's just an excuse. >> dimon has been a vocal critic of the volcker rule. we spoke to him in davos and he said you you need a psychiatrist to figure out what the sbents of the sbents of the trades are. here's what he said last night. >> we do believe you need on have the...
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Sep 10, 2012
09/12
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>> you saw bought atpk, a name challenging from the interest rate environment. i think those are some of the characteristics to look at in the future. >> if there's one theme that you hope or emergency emerges today from the conference, it will be what? >> we think there's a lot of focus on interest rates. one reason the stocks did well last week, you you saw the ten year yield back up a bit. we'll see if that continues. loan growth on top of investors' minds. it's being positive, but i think less than desired. and you're hearing more talk about a potential pick up in the capital market environment after a bumpy lasts several quarters. >> jason goldburg, thank you for joining us. go good luck with the conference. >> comments or questions, e-mail us. coming up, president obama squeaking out a fund-raising victory over mitt romney last month. the candidates gearing up for the final stretch before the issues likely to take center stage next. this country was built by working people. the economy needs manufacturing. machines, tools, people making stuff. companies ha
>> you saw bought atpk, a name challenging from the interest rate environment. i think those are some of the characteristics to look at in the future. >> if there's one theme that you hope or emergency emerges today from the conference, it will be what? >> we think there's a lot of focus on interest rates. one reason the stocks did well last week, you you saw the ten year yield back up a bit. we'll see if that continues. loan growth on top of investors' minds. it's being...
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Sep 21, 2012
09/12
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jobs, and the fundamental challenge facing america is we are no longer a competitive enough business environment that we can provide a good wage to one of our cens doesn't really have advanced education. this is a deep challenge that we have not faced in this country for at least 50 years. >> you add to that the challenge that we have with globalization, and that all of these tradeable jobs, jobs that can be done anywhere else and the product can be consumed in the united states, and that's just not manufactured or made in china, it can also be i.t. services developed in india. the reality is america has created no new net tradeable jobs in the last 20 years so we combine our own commitment to only job creation through construction and things like that and our inability to create jobs which are truly competitive in the world, that's why we are in this current situation we're in. >> is the answer though more education or finding some other jobs that are going to be great jobs for people who don't have higher education? >> well, i think we have to create a skilled development system in america tha
jobs, and the fundamental challenge facing america is we are no longer a competitive enough business environment that we can provide a good wage to one of our cens doesn't really have advanced education. this is a deep challenge that we have not faced in this country for at least 50 years. >> you add to that the challenge that we have with globalization, and that all of these tradeable jobs, jobs that can be done anywhere else and the product can be consumed in the united states, and...
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May 8, 2012
05/12
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, tax environment. most importantly is not the high marginal tax rate, it's the tax u uncertainty. what's driving people out of the markets is we don't know what the tax is going to be. >> how likely is it we're going to get serious form, as opposed to tweaking it here and there, how likely will it be? >> it's more likely than it will ever. the obama administration didn't take its own recommendation of the -- >> i would have taken -- >> lower rates, getting rid of investment taxes, that's the smart thing to do. the president had the opportunity of a generation to do radical reform. i actually think over the next five years we're going to see something more like real reform. people are fed up. the united states has become less competitive. it's costing us jobs, creating real misery. our tax system today is simply immoral. >> immoral. >> immoral. >> you would love to talk about crony capitalism. it's not a republican/democrat argue in this case. i mean, what's worse, the less infa -- left's infat uation w
, tax environment. most importantly is not the high marginal tax rate, it's the tax u uncertainty. what's driving people out of the markets is we don't know what the tax is going to be. >> how likely is it we're going to get serious form, as opposed to tweaking it here and there, how likely will it be? >> it's more likely than it will ever. the obama administration didn't take its own recommendation of the -- >> i would have taken -- >> lower rates, getting rid of...
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Jul 2, 2012
07/12
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>> very, very difficult to plan in an environment where our customers at the pentagon aren't planning themselves. we're not really getting a lot of guidance -- >> wow. >> -- as to what programs are going to get cut and how they will get cut. >> because they can't give you guidance. >> because they can't. so, we're also asking omb for guidance and we'll expect to hear something over the course of the week. >> i have to ask you something. >> sure. >> this is a big, bulky thing. >> yes. >> and i've got this thing right here. so, why don't i have one of these for military use? >> because this device here is an encrypted device and it's got a battery that will last for a long time in the battlefield. >> how long? >> it will last for a day and a half, two days -- >> okay. >> depending upon the usage of the radio itself, but it has all the capabilities of that phone you have here. >> right. >> this is acellular device. this is an rf device. you don't need a cell tower in a battlefield. >> okay. >> this can communicate to other devices. >> what's that other one? >> this is a unity radio for p
>> very, very difficult to plan in an environment where our customers at the pentagon aren't planning themselves. we're not really getting a lot of guidance -- >> wow. >> -- as to what programs are going to get cut and how they will get cut. >> because they can't give you guidance. >> because they can't. so, we're also asking omb for guidance and we'll expect to hear something over the course of the week. >> i have to ask you something. >> sure....
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Oct 18, 2012
10/12
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what does the regulatory environment look like in the future? what's the the fiscal cliff? what's the deficit look like? what's the election look like? so second and third quarter, you saw a fall in optimism in small business. they're going to cash. we had $1.7 billion of new small business loans the first six months, and our total loans on average fell because they're prepaying loans and going to cash. the good news is they're doing well, and frankly they have a lot of cash. i think, if we could turn this around and get more optimism, we'd get a real bump in this economy. >> jim, thanks for being with us. we're holding office hours after "squawk box." submit your questions. right now it's time for "squawk on the street." >> i've got some questions for becky. good morning. welcome to "squawk on the street." i'm carl quintanilla with david faber, michelle caruso-cabrera live at the nyse. look at cramer. >> he's in a hard hat.
what does the regulatory environment look like in the future? what's the the fiscal cliff? what's the deficit look like? what's the election look like? so second and third quarter, you saw a fall in optimism in small business. they're going to cash. we had $1.7 billion of new small business loans the first six months, and our total loans on average fell because they're prepaying loans and going to cash. the good news is they're doing well, and frankly they have a lot of cash. i think, if we...
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Oct 16, 2012
10/12
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it's a horribly weak demand environment. so a real disconnect between the chips versus what the rest of the market is doing and i think it's important to watch that and be a little nervous about that. >> and you like qualcomm and broad com. >> you know, that's where you hide out in safety right now. if you want to be safe, you got to be with the apple-levered suppliers because the rest of global demand is so weak. >> thank you very much. great talking to you. >> thank you. >>> just a few minutes ago, we unveiled the all-america research team p. joining us is one of the top analysts who is featured on the cover of that. sanjay sakhrani is senior analyst and majoring director. and sanjay, thank you for joining us this morning. >> no problem. >> why don't we talk about first of all a little bit about your coverage area. you are looking at companies like capital one, alliance data systems, ebay, this is all in the consumer finance area? >> yeah, my coverage universe is a bit unique. i cover both financial names and i.t. names. o
it's a horribly weak demand environment. so a real disconnect between the chips versus what the rest of the market is doing and i think it's important to watch that and be a little nervous about that. >> and you like qualcomm and broad com. >> you know, that's where you hide out in safety right now. if you want to be safe, you got to be with the apple-levered suppliers because the rest of global demand is so weak. >> thank you very much. great talking to you. >> thank...
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Jul 18, 2012
07/12
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we are no longer in a buy and hold kind of environment. you've got to be rebalancing your portfolio and you have to take care to protect yourself. what i want to do is if i can, i want to get out of that baitetad get out of that volatility. i need liquidity to do that, but if i have it, i want to go to things like private equity and real estate, hedge funds. i want to go into infrastructure. >> some people would argue that alternativing haes have worked e you leverage up the s&p. if you can leverage on the s&p, you might be in a better place. >> i don't buy it. during my time at the kic, we basically plows a lot of money into those sectors. about 7, $8 billion over a three-year period. we're making returns, you know, in the low double digits across the board in all of those strategies. we were not applying leverage. most of the strategies we're not applying leverage. i think there's returns to be had. you have to use what you can. you know, again, if you've got a short-term orientation and capital you need, you can't afford to do those thi
we are no longer in a buy and hold kind of environment. you've got to be rebalancing your portfolio and you have to take care to protect yourself. what i want to do is if i can, i want to get out of that baitetad get out of that volatility. i need liquidity to do that, but if i have it, i want to go to things like private equity and real estate, hedge funds. i want to go into infrastructure. >> some people would argue that alternativing haes have worked e you leverage up the s&p. if...
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Jul 25, 2012
07/12
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what's the environment like right now? >> well, i've always felt there's a degree to which the environment is what you make. i mean, eigit's a very tough ti but on the other hand people are always interested in great ideas. as long as you come up with ideas the world cannot live without, there's always going to be people willing to back you. >> much more difficult? i assume it's better now than it was two or three years ago? >> it's better now than it was two or three years ago but it's not like it was before. but i think on the other hand, you know, the interesting thing is carnegie hall is unique. as far as i'm concerned it is the greatest concert hall in the world and that creates opportunities as well as responsibilities. i mean, the responsibility is to fulfill that potential. >> sandy, this is a serious question. you not only make huge donations. you ask for huge donations. how easy or hard is it for to you ask? talk about the ask. so many work on the phone with the ask. >> the thing about asking is you have to learn
what's the environment like right now? >> well, i've always felt there's a degree to which the environment is what you make. i mean, eigit's a very tough ti but on the other hand people are always interested in great ideas. as long as you come up with ideas the world cannot live without, there's always going to be people willing to back you. >> much more difficult? i assume it's better now than it was two or three years ago? >> it's better now than it was two or three years...
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Oct 22, 2012
10/12
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so they are worried about the macro environment. the world is a riskier place as we wait to see what happens with the election and fiscal cliff. europe spanish yields slightly higher, but you have to remember towards the end of last week, we sit 7 1/2 month lows. these are the bourses. we'll go straight to bond yields if we can. this is where we stand. ten year spanish yields a little bet higher. rajoy did get through regional elections okay. at the moment no sichb him necessarily asking for any financial assistance. they'll try and get through an election in catalonia. so no real fresh on asking for assistance at the moment. berlin seems to be back pedaling on getting any money to recapitalize any banks up after the elects next year. quick look at euro-dollar. 1.3054. dollar-yen is firmer. pretty poor trade data out of japan today. and there are thoughts we might be flirting with a recession again in japan. we expect more monetary stimulus out from the bank of japan fairly shortly, as well. that's where we stand in european trade.
so they are worried about the macro environment. the world is a riskier place as we wait to see what happens with the election and fiscal cliff. europe spanish yields slightly higher, but you have to remember towards the end of last week, we sit 7 1/2 month lows. these are the bourses. we'll go straight to bond yields if we can. this is where we stand. ten year spanish yields a little bet higher. rajoy did get through regional elections okay. at the moment no sichb him necessarily asking for...
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Dec 14, 2012
12/12
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but we're in a longer cycle environment where it will take a little longer. there's some latency in the lag. but we had a show of hands the other day on this very question. and 90% of the hands went up. negative impact on investment and employment, if you go over the fiscal cliff. i mean, it is a huge event that is to be avoided, and this is why the business community is trying to weigh in prague matically here. and our paint of view here is all things on the table. fiscally responsible solution. yeah there are going to be some revenues involved but there needs to be multiples of that in entitlement cuts. and so i've taken enough flak on both the right and the left in this equation to know that i'm in the right place. >> jim, when you think about, i'm curious, are you a supporter of simpson-bowles? i ask because i believe that plan calls for $1.4 trillion in defense cut spending which i have to imagine would impact your company. >> yes, both sequestration and simpson-bowles would be negative from where we are today. but, again, i'm not sitting here in front o
but we're in a longer cycle environment where it will take a little longer. there's some latency in the lag. but we had a show of hands the other day on this very question. and 90% of the hands went up. negative impact on investment and employment, if you go over the fiscal cliff. i mean, it is a huge event that is to be avoided, and this is why the business community is trying to weigh in prague matically here. and our paint of view here is all things on the table. fiscally responsible...
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Mar 14, 2012
03/12
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so the ingredients would seem to be there for a good equity market environment. is the recovery strong? no, it's not strong in any historical sense. you know, the growth is tracking 2% or below for this quarter, which is almost already over. that's not a strong growth rate. and you have some big head winds. but it's steady. >> roger, can you just hold on one second? i want to just ask steve forbes if you agree about the banking stress test that the fed deserves praise for what they've done. >> not as much praise as roger would give them. i think a lot of this could be done in 2009. i think it was destroying bank capital when they stopped that, the banks won't have gone forward. one of the things that is out there, this focuses on big banks, is what dod frank is going to be doing to smaller banks. one of the great versatile psi is a vibrant, financial system. i agree with roger, it's not a big one. one of the things that would be interesting is what he thinks is happening in southern europe and how we will be affected by that. italy, spain, even though the banking
so the ingredients would seem to be there for a good equity market environment. is the recovery strong? no, it's not strong in any historical sense. you know, the growth is tracking 2% or below for this quarter, which is almost already over. that's not a strong growth rate. and you have some big head winds. but it's steady. >> roger, can you just hold on one second? i want to just ask steve forbes if you agree about the banking stress test that the fed deserves praise for what they've...
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Mar 19, 2012
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and given economic conditions, it's been a poor fund-raising environment overall. so the republican field for example has raised and spent a good bit less money than the same republican field had in 2008. but i think it's principally sort of the bruises that you take when you're the president. and it's why he paces sufaces s competitive election, the polls tell us that republicans have a chance to win this thing and barack obama has got to really work for it. and we've seen in the last several weeks he's been hustling all over the country trying to do whatever he can to raise money. and he's going to have a lot of money. he'll have more money almost certainly than his republican opponent, but it's not just flying in over the transome. that's probably impossible in this environment. >> john, what about the idea that andrew mentioned four years ago perhaps a lot of those donors are just waiting to see who he's going to be running against and then they get revved up and excited and maybe the apples to apples comparison -- sorry, guys -- is not really relevant here bec
and given economic conditions, it's been a poor fund-raising environment overall. so the republican field for example has raised and spent a good bit less money than the same republican field had in 2008. but i think it's principally sort of the bruises that you take when you're the president. and it's why he paces sufaces s competitive election, the polls tell us that republicans have a chance to win this thing and barack obama has got to really work for it. and we've seen in the last several...
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Jun 26, 2012
06/12
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>> well, i think -- i've worked in all kinds of environments, right, and i've worked in union environments. we have union labor in our plants today. we have a great relationship with our unions. our folks have worked with us, so i think it's what you make it. it's how, it's whether you can develop the trust and respect for each other and make sure that you're always doing the right things. >> have you had to cut their benefits? >> we did. we went through some, i would consider some very difficult negotiations, just a few years ago with our labor unions and certainly part of the deal was the medical benefits that were reduced somewhat. >> did they come together collectively and realize that for the preservation, long-term of the company, that it was good for everybody if this happened or is there still resentment, too, you think? >> i think any time you go through a change like that, it's tough, and so i think it takes a while to work through it. i would tell you that we're probably 60% to 70% of the way through it and the changes we're making in our plans and how we're transforming manufac
>> well, i think -- i've worked in all kinds of environments, right, and i've worked in union environments. we have union labor in our plants today. we have a great relationship with our unions. our folks have worked with us, so i think it's what you make it. it's how, it's whether you can develop the trust and respect for each other and make sure that you're always doing the right things. >> have you had to cut their benefits? >> we did. we went through some, i would consider...
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Dec 11, 2012
12/12
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is it an awful environment? maybe it isn't. >> actually it starts with endowment funds thinking about the long term. and when we look at the long term, i would say we're more optimistic, particularly about the u.s., than the current kind of thatter. a lot of secular things going on that make the u.s. look like a better place to invest for employer issues such as the shale oil, shale gas. >> right. >> issues such as better competitiveness with china. and so we're optimistic about the long-term. we have to get over this short-term problem, and i think -- >> do you advise clients -- you've put money with cliff for example. he used to be a private equity guy. what is your split between how you see private equity and how you see the world hedge fund? >> we continue to be a big proponent of private equity. if you look among our clients we typically have something like 8% to 10% in private equity and another 5% or 6% in venture. we're big proponents of that. what we liked about what cliff has done is they've taken a pr
is it an awful environment? maybe it isn't. >> actually it starts with endowment funds thinking about the long term. and when we look at the long term, i would say we're more optimistic, particularly about the u.s., than the current kind of thatter. a lot of secular things going on that make the u.s. look like a better place to invest for employer issues such as the shale oil, shale gas. >> right. >> issues such as better competitiveness with china. and so we're optimistic...
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Aug 1, 2012
08/12
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they're now responding to a 2% or 1.5% environment instead of a 3.5% environment. why are we in a 1.5% environment? >> if you take a look at the credit expansion that took place in the 2000s, a lot had to do with home equity takeout. >> we were living -- >> living beyond our needs. >> ira, do you agree with this? >> you know -- well, no, because i see it from a different way. the 1.5% it struggles because the world is struggling around us. japanese were able to muddle through because there was a lot of global growth all around it so it could make mistakes. now to make mistakes in your policy is really -- carries a burden because we have europe -- europe is a mess. other parts of the world. brazil has certainly slowed down from its growth. of course, everybody worries about china. japan has yet to really come out of its bad economic environment. so, the whole world around the united states is not helping us. so, this was what makes a much more difficult going through and why we're in a muddled stage. we're not getting any help from the rest of the globe at this mome
they're now responding to a 2% or 1.5% environment instead of a 3.5% environment. why are we in a 1.5% environment? >> if you take a look at the credit expansion that took place in the 2000s, a lot had to do with home equity takeout. >> we were living -- >> living beyond our needs. >> ira, do you agree with this? >> you know -- well, no, because i see it from a different way. the 1.5% it struggles because the world is struggling around us. japanese were able to...
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Dec 27, 2012
12/12
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i think in this environment, do you want to own that retail business? what do you think the net gross margins are at smith barney? >> it's impossible to say. >> they don't tell you. and i don't know that it's that profitable of a business. i know a lot of f.a.'s as you do, that business is under a lot of pressure. the big houses keep coming back to them, raising the minimums, taking economics out and what they're really telling you is unless you're a 5 million or 10 million dollar client they don't want you. >> where are you in the housing market vis-a-vis the mortgage business? >> well, at carrington we're looking for 5 million, maybe 5.1 million home sales next year. volumes will probably be down. we agree with the mortgage bankers association, simply because the financing wave is going to taper off. the obama administration is talking about refinancing again. i think you're going to see some proposals coming out of there. but the government is 90% of the market. if you look at firms like ours we basically do ginnie mae and nonconfirming production. w
i think in this environment, do you want to own that retail business? what do you think the net gross margins are at smith barney? >> it's impossible to say. >> they don't tell you. and i don't know that it's that profitable of a business. i know a lot of f.a.'s as you do, that business is under a lot of pressure. the big houses keep coming back to them, raising the minimums, taking economics out and what they're really telling you is unless you're a 5 million or 10 million dollar...
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Apr 18, 2012
04/12
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it is good for the environment. it is good for companies. it is better for their bottom line to donate than to liquidate or dump. it is good for charities. it is good for communities. >> it is good360.org. >> yes, and we would love to have more companies step up to the challenge. >> where citigroup. citigroup, what we heard yesterday, vote on compensation. >> i am always in favor of more transparency and more accountability frankly, so i like say on pay provisions. i think cheryl should have a say on pay. when i was chairman and ceo we put pay up for shareholder vote. i think it is a wake up call to say that, you know, shareholders want to see clear linkage between pay and long-term
it is good for the environment. it is good for companies. it is better for their bottom line to donate than to liquidate or dump. it is good for charities. it is good for communities. >> it is good360.org. >> yes, and we would love to have more companies step up to the challenge. >> where citigroup. citigroup, what we heard yesterday, vote on compensation. >> i am always in favor of more transparency and more accountability frankly, so i like say on pay provisions. i...